Former New York Governor Andrew Cuomo said the crypto industry has leaned heavily toward Republicans and, in doing so, has alienated Democratic support needed to move the CLARITY Act forward. Speaking during a Token2049 panel alongside OKX CEO Star Xu, Cuomo pointed to campaign spending data from the 2026 election cycle showing that crypto-focused political action committees spent $54.3 million backing Republicans, $26.2 million supporting Democrats, and another $23.2 million opposing Democrats. As of Thursday, prediction market Kalshi put the odds of Democrats winning both chambers of Congress at about 61%. Cuomo said a Democratic-controlled Congress could either roll back crypto policies from regulators or work with the Trump administration to push through a full CLARITY Act. He also said Democrats are not opposed to crypto technology itself and argued that the technology can expand access to financial services for people who have traditionally been excluded. Cuomo added that in July 2025, 78 House Democrats and 216 Republicans voted to pass the CLARITY Act.
Former New York Governor Andrew Cuomo said the crypto industry has tilted heavily toward Republicans, distancing itself from the Democratic backing needed to advance the CLARITY Act.
Cuomo made the remarks during a Token2049 panel with OKX CEO Star Xu. He said crypto-focused political action committees spent $54.3 million supporting Republicans during the 2026 election cycle, compared with $26.2 million for Democrats. Another $23.2 million was spent opposing Democrats.
As of Thursday, prediction market Kalshi showed roughly a 61% chance that Democrats would win both chambers of the U.S. Congress. Cuomo said a Democratic-controlled Congress could withdraw crypto policies from regulators, or work with the Trump administration to move a full CLARITY Act.
He also said Democrats are not against crypto technology itself, adding that the technology can help people who previously lacked access to financial products gain those services.
Cuomo also pointed to a July 2025 House vote in which 78 Democratic representatives and 216 Republican representatives voted to pass the CLARITY Act.
The report was cited from Cointelegraph.
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